Yahoo says Mexico appeals court throws out $2.75 billion ruling

MEXICO CITY Thu May 16, 2013 5:26pm EDT

The Yahoo logo is shown at the company's headquarters in Sunnyvale, California April 16, 2013. The company will release its quarterly results on Tuesday. REUTERS/Robert Galbraith

The Yahoo logo is shown at the company's headquarters in Sunnyvale, California April 16, 2013. The company will release its quarterly results on Tuesday.

Credit: Reuters/Robert Galbraith

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MEXICO CITY (Reuters) - Yahoo Inc said on Thursday that a Mexican appellate court had thrown out a $2.75 billion ruling by a lower court against Yahoo and Yahoo Mexico in a contractual dispute with two Mexican firms.

The appellate decision overturned all monetary awards against Yahoo and upheld an award of $2.6 million in the original for Yahoo Mexico, the company said in a statement. It was not immediately clear when the court issued its ruling.

The original ruling late last year was equal to an estimated 40 percent of Yahoo's 2012 cash balance, and its scope and size perplexed the tech world.

The Mexican firms, Worldwide Directories S.A. de C.V. and Ideas Interactivas S.A. de C.V., had alleged breach of contract by Yahoo related to an online yellow pages listings service.

A Yahoo spokeswoman said in a statement that the company would not be commenting further on the case.

(Reporting by Michael O'Boyle)

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